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Investment Policy Reso 2020-34 Exhibit “1” City of Escondido INVESTMENT POLICY May 2020 Reso 2020-34 Exhibit “1” TABLE OF CONTENTS Page I. Policy Statement ............................................................................................ 1 II. Scope ........................................................................................................... 1 III. Prudence ......................................................................................... 1-2 IV. Investment Objectives ................................................................................. 2-3 V. Executive Investment Committee .................................................................... 3 VI. Required Reporting ........................................................................................ 3 VII. Authorized Financial Institutions and Broker/Dealers ...................................... 4-5 VIII. Safekeeping and Custody .............................................................................. 5 IX. Accountability and Authority ........................................................................... 5 X. Ethics and Conflicts of Interest ........................................................................ 5 XI. Internal Control ............................................................................................. 6 XII. Authorized and Suitable Investments .......................................................... 6-12 XIII. Maturity Goals ......................................................................................... 12-13 XIV. Policy Review ............................................................................................... 13 XV. Investment Procedures .................................................................................. 13 XVI. Investment Strategy and Performance Standards ............................................ 13 XVII. Investment Pools/Mutual Funds ..................................................................... 14 Appendix – Investment Procedure Manual .................................................. 15-19 Glossary of Terms .................................................................................... 20-25 Reso 2020-34 Exhibit “1” CITY OF ESCONDIDO INVESTMENT POLICY I. Policy Statement This policy establishes the limits within which the City's investment program shall be conducted. Investment goals and objectives are defined. Qualified investment instrumentalities and reporting requirements are identified. Authority, accountability, audit control and procedures governing the investment program are delineated. The investment policies and practices of the City of Escondido are based upon state law, city ordinance, and prudent money management. II. Scope This policy applies to the investment of all funds under the control of the City Treasurer. These funds are accounted for in the City of Escondido’s Comprehensive Annual Financial Report and include: • General Fund • Special Revenue Funds • Debt Service Funds • Capital Project Funds • Enterprise Funds • Internal Service Funds • Trust Funds This policy does not apply to the Employees Deferred Compensation Fund and PERS funds, which are administered separately. Also, this investment policy does not apply stocks, bonds, or other securities donated to the Escondido Public Library until such time as the Library Board of Trustees determines to dispose of such securities Bond proceeds shall be invested in the securities permitted by the applicable bond documents. If the bond documents are silent as to the permitted investments, the bond proceeds will be invested in the securities permitted by this Policy. Notwithstanding the other provisions of this Policy, the percentage limitations listed in elsewhere in this Policy do not apply to bond proceeds. 3 Reso 2020-34 Exhibit “1” III. Prudence Pursuant to California Government Code Section 53600.3, as amended, the City Council and all persons authorized to make investment decisions on behalf of the City are trustees of the public funds and therefore fiduciaries subject to the following prudent investor standard. When investing, reinvesting, purchasing, acquiring, exchanging, selling, or managing public funds, a trustee shall act with care, skill prudence and diligence under the circumstances then prevailing, including, but not limited to, the general economic conditions and the anticipated needs of the agency, that a prudent person acting in a like capacity and familiarity with those matters would use in the conduct of funds of a like character and with like aims, to safeguard the principal and maintain the liquidity needs of the agency. Within the limitations of this section and considering individual investments as part of an overall strategy, investments may be acquired as authorized by law. The City Treasurer and other individuals who are assigned to manage the investment portfolio, when they are acting in accordance with the City’s investment policy, with written procedures and in reasonable reliance on existing California statutes and when they have properly exercised due diligence, will be relieved of personal responsibility for an individual security’s credit risk or market price changes, provided deviations from expectations are reported in a timely fashion and appropriate action is taken to control adverse developments. IV. Investment Objectives A. The criteria for selecting investments by order of priority shall be: 1. Safety. Safety of principal is the City of Escondido’s foremost objective. Investments shall seek to ensure that capital losses resulting from institution default, broker-dealer default, or the erosion of market value are avoided. The City of Escondido shall seek to preserve principal by mitigating the two types of risk: credit risk and market risk. a. Credit risk, defined as the risk of loss due to failure of the issuer of a security, shall be mitigated by investing in only the highest quality securities (see authorized investments) and by diversifying the investment portfolio so that the failure of any one issuer would not unduly harm the City’s cash flow. b. Market risk, defined as the risk of market value fluctuations due to overall changes in the general level of interest rates, shall be mitigated by structuring the portfolio to eliminate the need to sell securities prior to maturity; and by prohibiting the taking of short positions, that is, selling securities that the City does not own. It is explicitly recognized, however, that in a diversified portfolio, occasional measured losses may occur, and must be considered within the context of overall investment return. 4 Reso 2020-34 Exhibit “1” 2. Liquidity. The portfolio will be structured with sufficient liquidity to allow the City to meet expected cash requirements. The investment portfolio shall remain sufficiently liquid to ensure that projected expenditure requirements of the next six months can be met with a combination of anticipated revenues, maturing securities, and highly liquid investments and shall maintain a minimum level of short-term investments (one year or less) equivalent to 25% of the General Fund operating budget. The duration is also mentioned in the “Maturity” section. 3. Yield. In a manner consistent with the objectives of safety of principal and liquidity uppermost, a yield higher than the market rate of return shall be sought. The core of investments is limited to relatively low risk securities in anticipation of earning a fair return relative to the risk being assumed. Securities shall generally be held until maturity with the following exceptions: • A security with declining credit may be sold early to minimize loss of principal. • A security swap would improve the quality, yield, or target duration in the portfolio. • Liquidity needs of the portfolio require that the security be sold. B. It shall be the policy of the City that all idle funds shall be invested consistent with providing adequate cash to meet the City's obligation. V. Executive Investment Committee The Executive Investment Committee will act in an advisory and oversight capacity to review and discuss investment portfolio management and investment policy compliance. The City Manager, the City Treasurer, and the Director of Administrative Services will serve as permanent members of the Executive Investment Committee. Other members, as deemed necessary or desirable, may be appointed to the committee by the City Treasurer or the City Manager. The Treasury and Finance Department personnel shall serve as staff to the committee. VI. Required Reporting The City Treasurer or his designees shall report to the City Manager and City Council the following reports: A. A monthly list of list of transactions. B. Quarterly investment report (as per Government Code Section 53646) will include the type of investment, issuer, date of maturity, par, and dollar amount invested and market value for each security held by the City. The report shall state compliance of the portfolio to the statement of investment policy, or manner in which the portfolio is not in compliance. The report shall state the source of the market value valuation and include a statement denoting the ability to meet the City's expected expenditure 5 Reso 2020-34 Exhibit “1” requirements for the next six months. The quarterly report shall be submitted within 30 days of the end of the quarter. C. An annual report setting forth a statement of investment policy. VII. Authorized Financial Institutions and Broker/Dealers A. The following requirements only
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